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% nationwide. so what does that mean for the economy? cbs news contributor and analyst melody hobson joins us from chicago. good morning. i've sort of covered all the good news was there any bad news in the latest report? >> there was a lot of good news in that report 203,000 jobs you've mentioned. the september and october numbers were revised up. the unemployment rate hit a five-year low at 7%. and where the jobs were coming from, that was great news. construction professional services, manufacturing. those are higher-paying jobs. which is why we saw wages by the hour go up for the moth. and also the work week be a bit longer so if you look across the board, the news was very, very good. >> the markets, the dow rallied 200 points on this which is interesting, because in recent weeks, when there's been good news, the dow has tended to pull back. in part because it's afraid that that will mean the fed will start pulling stimulus out of the economy. why did the market go up yesterday, do you think? >> i think two things went on at once. it's been a pattern of good news being bad news.
economy works for every working american. the opportunity gap in america is now as much about class as it is race. that gap is growing. so if we're going to take on growing inequality and improve upper mobility for all people, we've got to move beyond the false notion this is an issue exclusively of minority concern. >> good morning major garrett at white house. >> reporter: good morning charlie, norah, viewers out west. he gave the speech of what he believes an obsession republicans have to prosperity. the white house disagrees on this issue coming front and center in the next couple of weeks. congressional negotiator democrats and republicans on capitol hill are trying to figure out a way to avoid the second round of across the board spending cuts otherwise known as sequestration. those cuts would harm the push for better economic growth and wage equality. another push from the president, renewed push for higher minimum wage. currently $7.25 an hour. the white house backs the democratic proposal to raise to $10.10 an hour. these are things the white house will press in coming weeks.
instead make head way on issues including north korea, the economy, and trade where china and the united states might cooperate? for "cbs this morning," seth doane, beijing. >> this morning unions and retirees in detroit prepare appeals. a federal judge ruled tuesday the motor city can cut pensions clearing the way for detroit to enter bankruptcy. this decision is a major blow putting municipal workers on edge and cities across the country. dean reynolds is in detroit. good morning. >> reporter: good many. detroit officials are talking about a fresh start through bankruptcy. that will involve very tough cuts and many public sector retirees here are bracing for painful sacrifices that could set a precedence around the country. >> do you feel betrayed? >> i feel betrayed shortchanged. i feel angry. i feel a lot of different things now. >> get you moving and then try the treadmill. >> david allen was a firefighter 20 years before the on the job accident left him barely able to stand. he's been getting a monthly pension of $3,000 from the city but he knows that's coming to an end. >>
be a barn burner. >> but christmas may be okay. >> i think it may be okay. but the economy remains fragile. especially at the lower income level. and i think that has the retailers very, very nervous. people are absolutely looking for bargains. promotions are top of mind. 50% of shoppers this weekend said they were looking for a bargate, looked for promotions before they went to the store. a third said that they compared prices. through their device smartphone tablet whatever they were carrying around because they are armed and ready and will not buy until they see bargains. i call it a promotional arms race that's going on amongst the retailers. >> okay my inbox is a promotional arms race. there's a sale on everything. >> and most people today know how to seek information better than they've ever done before because of the online femme on none. >> that's right. the online has not increased the amount of shopping people are doing it's increased the ways they shop. that billion dollar number was significant and there's certainly more of the weekend spending was on line 44%. four out
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